Hello,
Just wanted to know changing job effect applying loan ? Like if change my job and working in current job for 1-2months then apply for loan, will it affect my application ?
Depends on a lot of things.
LVR – higher lvr will mean credit score maybe affected / Same line of work ? / If you are still on probation / A & L position.
To hard to give you a straight Yes or No answer with further info.
Richard Taylor | Australia's leading private lender
yep. especially if there is a probabtion period and a the LVR is above 80%. Best to get the loan first.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I will be definitely need 95% + LMI + 100% offset a/c. Earning good salary, working for more then two years with current employer. Not at junior level. Will be in same industry/line of work if I change my job.
Note: I haven't changed my job yet. Working for more then 2yrs with current employer. Just trying to understand the things as I may change. And definitely if I change it is going to be probation for six months.
You won't be able to get a loan while on probation at 95% LVR.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Ok. What happens if I do contract job – may be six month contract ?
Same issues.
Richard Taylor | Australia's leading private lender
ok. Just another thought for better planning for future.
I have rough idea of doing contracting in future – don't know now exactly when may be after six month, may be not at all
Will I get loan on following condition (I know it may depend on many things, but would be happy to have thoughts)
a) 80% loan when I am doing contracting (say six months contract) and I am on high pay
b) 90% loan when I am doing contracting (say six months contract) and I am on high payThe problem is the contracting issues. The lender will be asking what will you be doing at the end of the contract. If u had 2 years history doing this it should be ok. But without that I doubt you would get over 80% LVR
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Ok. So, in my initial days of contracting – say I just started a six months contract
I can get 80% LVR, but to get more then that say 90%, probably I need show regular contracts for 2yrs period (approx)
I really have plans to do contracting depending on various things but just wanted make sure it doesn't create problem's in buying IPs, IPs, IPs.
It may still be difficult even at 80% or less if you are a new contractor. It helps if you are in the same industry and the longer the contract the better,
Also if you are contracting you generally have more deductions you can claim so even up with a lower taxable income which doesn't help either.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
ok. Got it.
Earning more via contracting may create prob's in getting loan specially in initial days of contract. I need to think before I start contracting. But I want to do to save or earn more.
Really it may be a huge bottle neck for me in buying IPs specially for 1.5 – 2yrs of contracting period.
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